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South Korea-based blockchain company Glosfer has united with Gemmy Company, which provides a platform to protect music copyrights, to create a copyright protection platform for the music industry-based on blockchain technology.
Blockchain technology allows different parties to share and manage data stored online without a central authority.
The two companies will create a global exchange platform where different types of creations, such as pictures, images and artwork, can be registered and traded. This will be achieved by working with businesses and organisations to develop the blockchain-based platform.
Last year, sister site WIPR looked into the technology and its potential usage in the IP arena, from registries to licensing to anti-counterfeiting actions.
Gisang Nam, vice representative of Gemmy Company, said: “Many musicians and producers are facing problems due to the high entry barrier to the entertainment industry.”
Nam added that the aim of the project is to create an improved environment for the music industry by developing the platform.
“Blockchain technology is the most appropriate solution in protecting copyright and streamlining the distribution process by connecting users to producers,” Nam continued.
Taewon Kim, CEO of Glosfer, said: “Correcting the imbalance in the music distribution market, which is a big social issue today, will provide us with a good opportunity to demonstrate blockchain technology to the public.”
Glosfer’s own cryptocurrency can be incorporated into the platform to develop a payment system which, according to the press release, would allow music to be purchased easily.
blockchain, Glosfer, Gemmy Company, technology, music, copyright, online copyright